Tuscan Capital has completed a £2.1m mid-term loan for two mixed-use properties in the Midlands.

Both properties feature commercial space on the lower floors with residential units above.

The short-term property finance specialist provides non-regulated bridging finance to the residential, commercial, semi-commercial, HMO and mixed-use real estate sectors in England and Wales.

The deals were introduced to Tuscan by commercial finance broker, Funding Friends, as the borrower’s existing lender was withdrawing from the market, requiring a quick refinancing solution for the applicant.

With several assured shorthold tenancies and leases close to expiring, the lender structured an 18-month mid-term loan, supporting both properties on its residential product, rather than its commercial product, meaning the client was able to access a cheaper rate and quicker process.

Regional director at Tuscan Capital, Carl Graham, said: "The tight timeframe provided to us to complete on this loan meant a sharpened focus to ensure the best outcome for all parties involved. With ASTs and leases that were soon to expire, it wasn’t the right time for the applicant to secure alternative, long-term finance so we structured an 18-month mid-term loan, giving the client sufficient time to re-gear the leases and ASTs, improving the passing rent, and allowing for a more competitive rate to be offered."

Chief executive officer at Funding Friends, Jonathan Rostron, added: "We were very pleased to complete the bridging loans with Tuscan Capital on these two properties. Working with Graham, they were able to step in at the last minute when another lender let us down. Through Graham, we managed to secure excellent LTVs and net cash for our client.

"Despite some initial scepticism from the client about working with a new lender, they were so impressed with Tuscan Capital, we introduced another deal on the day of completion, to them. Graham and the team at Tuscan Capital managed the entire process with exceptional efficiency. We look forward to continuing our successful partnership together."

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